Accounting Chapter 4 Homework For the Year Ended June 30, 2016

subject Type Homework Help
subject Pages 14
subject Words 2064
subject Textbook Financial & Managerial Accounting 13th Edition
subject Authors Carl S. Warren, James M. Reeve, Jonathan Duchac
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CHAPTER 4 Completing the Accounting Cycle
Ex. 4–26 (Concluded)
Current assets: Current liabilities:
Cash $ 12 Accounts payable $36
Accounts receivable 103 Wages payable 1
Supplies 4 Total liabilities $ 37
Prepaid insurance 2
ALERT SECURITY SERVICES CO.
Balance Sheet
October 31, 2016
Assets Liabilities
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CHAPTER 4 Completing the Accounting Cycle
Ex. 4–27
2016
Oct. 31 Accounts Receivable 13
Fees Earned 13
Accrued fees.
31 Depreciation Expense 3
Accumulated Depreciation—Equipment 3
Equipment depreciation.
Ex. 4–28
2016
Oct. 31 Fees Earned 213
Income Summary 213
31 Income Summary 148
Wages Expense 111
Rent Expense 12
Adjusting Entries
Closing Entries
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–1A
1.
Fees earned $375,000
Rent revenue 1,300
Total revenues $376,300
Expenses:
2.
Retained earnings, January 1, 2016 $128,100
PROBLEMS
LAMP LIGHT COMPANY
Retained Earnings Statement
For the Year Ended December 31, 2016
LAMP LIGHT COMPANY
Income Statement
For the Year Ended December 31, 2016
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–1A (Continued)
3.
Current assets: Current liabilities:
Total current assets $ 62,680
Property, plant, and equipment:
Land $ 98,000
Building $400,000
Less accumulated depreciation 215,400 184,600 Common stock $ 75,000
LAMP LIGHT COMPANY
Balance Sheet
December 31, 2016
Assets Liabilities
Stockholders’ Equity
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–1A (Concluded)
4. 2016
Dec. 31 Fees Earned 375,000
Rent Revenue 1,300
Income Summary 376,300
31 Income Summary 236,300
Salaries and Wages Expense 168,000
Advertising Expense 21,700
Utilities Expense 11,400
Depreciation Expense—Building 10,100
5.
Debit Credit
Balances Balances
Cash 10,800
Accounts Receivable 50,200
Prepaid Insurance 1,200
Supplies 480
Land 98,000
LAMP LIGHT COMPANY
Post-Closing Trial Balance
December 31, 2016
Closing Entries
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–2A
1.
Revenues:
Service fees $718,000
Rent revenue 12,000
Total revenues $730,000
Expenses:
Salaries expense $522,100
FINDERS INVESTIGATIVE SERVICES
Income Statement
For the Year Ended June 30, 2016
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–2A (Continued)
Current assets: Current liabilities:
Cash $28,000 Accounts payable $11,700
FINDERS INVESTIGATIVE SERVICES
Balance Sheet
June 30, 2016
Assets Liabilities
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–2A (Concluded)
2. 2016
June 30 Service Fees 718,000
Rent Revenue 12,000
Income Summary 730,000
30 Income Summary 608,500
Salaries Expense 522,100
Retained Earnings 121,500
30 Retained Earnings 12,000
Dividends 12,000
Closing Entries
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1., 3., and 6.
June 30 Bal. 11,000
June 30 Bal. 21,500 June 30 Adj. 17,900
30 Adj. Bal. 3,600
June 30 Bal. 9,600 June 30 Adj. 5,700
30 Adj. Bal. 3,900
Cash
Laundry Supplies
Prepaid Insurance
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–3A (Continued)
June 30 Clos. 221,500 June 30 Clos. 232,200
Clos. 10,700
June 30 Clos. 232,200 June 30 Bal. 232,200
June 30 Bal. 125,200 June 30 Clos. 126,300
30 Adj. 1,100
Wages Expense
Income Summary
Laundry Revenue
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2. Optional (Appendix)
Account Title Debit Credit Debit Credit Debit Credit Debit Credit
Cash 11,000 11,000 11,000
Laundry Supplies 21,500 (a) 17,900 3,600 3,600
Prepaid Insurance 9,600 (b) 5,700 3,900 3,900
Laundry Equipment 232,600 232,600 232,600
Accum. Depreciation 125,400 (c) 6,500 131,900 131,900
Accounts Payable 11,800 11,800 11,800
EPICENTER LAUNDRY
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended June 30, 2016
BalanceUnadjusted Adjusted Income
SheetTrial Balance
Debit Credit
Trial Balance StatementAdjustments
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3.
2016
June 30 Laundry Supplies Expense 17,900
Laundry Supplies 17,900
4.
Debit Credit
Balances Balances
Cash 11,000
Laundry Supplies 3,600
Prepaid Insurance 3,900
EPICENTER LAUNDRY
Adjusted Trial Balance
June 30, 2016
Adjusting Entries
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5.
Laundry revenue $232,200
Expenses:
Wages expense $126,300
Rent expense 40,000
Retained earnings, July 1, 2015 $65,600
Net income for the year $10,700
Retained Earnings Statement
For the Year Ended June 30, 2016
EPICENTER LAUNDRY
Income Statement
For the Year Ended June 30, 2016
EPICENTER LAUNDRY
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–3A (Continued)
Current assets: Current liabilities:
Cash $ 11,000 Accounts payable $11,800
EPICENTER LAUNDRY
Balance Sheet
June 30, 2016
Assets Liabilities
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–3A (Concluded)
6.
2016
June 30 Laundry Revenue 232,200
Income Summary 232,200
7.
Debit Credit
EPICENTER LAUNDRY
Post-Closing Trial Balance
June 30, 2016
Closing Entries
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–4A
1., 3., and 6.
Account No. 11
Post.
Item Ref. Debit Credit Debit Credit
2016
2016
Mar. 31 Balance 3,600
31 Adjusting 26 1,800 1,800
Account No. 16
Post.
Cash
Account:
Date
Balance
Account: Equipment
Balance
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–4A (Continued)
Account No. 19
Post.
Post.
Item Ref. Debit Credit Debit Credit
2016
Mar. 31 Adjusting 26 600 600
Account No. 31
31 Closing 27 15,000 106,150
Account No. 33
Post.
Item Ref. Debit Credit Debit Credit
2016
Accumulated Depreciation—Trucks
Account:
Balance
Date
Balance
Date
Account: Dividends
Account: Common Stock
Balance
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–4A (Continued)
Account No. 34
Post.
31 Closing 27 160,000 — —
Account No. 51
Post.
Item Ref. Debit Credit Debit Credit
2016
Mar. 31 Balance 45,000
Account No. 52
Post.
Item Ref. Debit Credit Debit Credit
2016
Balance
Income Summary
Account:
Balance
Date
Account: Wages Expense
Balance
Date
Account: Supplies Expense
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CHAPTER 4 Completing the Accounting Cycle
Prob. 4–4A (Continued)
Account No. 54
Post.
Item Ref. Debit Credit Debit Credit
2016
Account No. 55
Post.
Item Ref. Debit Credit Debit Credit
2016
Account No. 56
Post.
Item Ref. Debit Credit Debit Credit
2016
Mar. 31 Adjusting 26 6,200 6,200
Truck Expense
Account:
Account: Depreciation Expense—Trucks
Account: Depreciation Expense—Equipment
Date
Date
Balance
Balance
Balance
Date
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2. Optional (Appendix)
Wages Payable (e) 600 600 600
Common Stock 26,000 26,000 26,000
Retained Earnings 70,000 70,000 70,000
Dividends 15,000 15,000 15,000
Service Revenue 160,000 160,000 160,000
LAKOTA FREIGHT CO.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended March 31, 2016
BalanceUnadjusted Adjusted Income

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